Gold prices hovered around the key $1,800-per-ounce level on Thursday ahead of the year-end holidays, even as the American dollar steadied and appetite for riskier assets improved on easing fears over a fallout from the omicron coronavirus variant.
Spot gold was up 0.1% to $1,805.29 U.S. per ounce late Thursday afternoon, while U.S. gold futures rose 0.2% to $1,805.20 per ounce.
Experts opined that next year was bound to be good for gold, especially with high inflation likely to persist.
Earlier this month, the U.S. Federal Reserve signaled its inflation target had been met and paved the way for three quarter-percentage-point rate hikes by the end of 2022.
Although bullion is considered a hedge against inflation, rate increases would result in a higher opportunity cost of holding non-yielding gold.
Spot silver was steady at $22.77 U.S. per ounce, rising by 2.1% on the week so far, and platinum was down 0.5% to $959.93 per ounce, rising 3.1%.
Palladium gained 0.7% to $1,894.54 U.S. per ounce, and climbed about 6.5% for the week.
